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Smart Cyber Security Tips for Small Business Owners

Small businesses are doing everything they can to reach new heights. In this digital age, they are connecting to customers through websites and other modes. By doing this, they are making themselves prone to cyber attacks. Small businesses are actually the biggest targets of hackers as they are easy to breach. Juggling sales, marketing, customers, operations etc., puts security at the bottom of priority list, which is an invitation to attackers. Small businesses need to take a few measures in order to protect themselves. They need not be tech experts to protect their data; just a few simple steps can protect it. In this blog we will learn about those steps.

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  1. PASSWORDS –

 Make a strong password. Create a mix of capital letters, small letters, numbers and special characters. Change your passwords every 3 to 6 months. Weak passwords are easy to hack. Avoid using your name, phone number or 123456 etc. as your password. 

  1. TWO – FACTOR AUTHENTICATION – 

Two Factor Authentication does not let you login only using password, one has to enter OTP as well. This helps you protect your data as-  

  1. People without OTP cannot get access.
  2. You will be notified whenever someone logs in.

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  1. BACKUP –

 Information like customer information, invoice, employees’ information etc. are crucial for your business. Always keep them saved at two places – 

  1. Cloud servers 
  2. External hard disks

           This allows access to data even if it is hacked as you have it saved somewhere else as        well. Backup your data every week or twice a week.

  1. ANTIVIRUS AND FIREWALL –

 Install antivirus and firewall on your devices. Antivirus prevents, detects, and removes malicious software like virus, worms and Trojans from computers. Firewalls act as barriers between trusted networks like a company’s internal networks and an untrusted network like the internet. 

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  • FISHING AND SPAM EMAILS – 

Don’t open emails from unknown sources. Emails asking for OTP, Bank Details etc. are spam and used for the purpose of fishing. These emails have spelling mistakes, wrong names, suspicious links etc.

  1. SOFTWARE UPDATE – 

Software gets risky over time. Old software don’t offer protection after a long time. You should update software for your computers, mobiles or websites. Updated software usually has new patches that protect your device.

  1. CYBER SECURITY TRAINING – 

 Cyber attacks usually happen due to negligence. Give your worker training about how to set passwords, identify spam emails etc. Tell them to use a safe USB. Conduct a training session every 3 months.

  1. SAFE WIFI NETWORK – 

Have a strong and difficult Wi-Fi password. Try to have a different Office Network and Guest Network. Either hide the SSID or set a new name and password. 

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  1. SAFETY OF MOBILE DEVICES – 

If you control your business from a mobile phone, then thoroughly ensure its safety. Put screen lock, fingerprint, app locks etc and install antivirus in your phones. Use software that would erase your phone’s data if lost. 

  1. LIMITED ACCESS TO EMPLOYEES – 

Don’t give access to everything to every employee. Give information of concerned work only. This would help in protecting the system as if by any chance a dangerous link is opened, the entire system isn’t hampered.

CONCLUSION

 Cyber Security is no longer a concern  of only big businesses but also of small businesses. Petty mistakes like weak passwords, a click on suspicious email etc., can put your business in danger. Using the methods above one can protect their data without any tech expert.

If you’re also struggling with low sales in your business, this article can be extremely helpful for you. Moreover, if you’re facing any kind of challenge in your business and are looking for expert guidance, click on the link to the Leadership Funnel Program and get in touch with us now.

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Technology

Indian Tech Services Revenue Could Reach $300-350 Billion by 2025: Nasscom

Laptop| Representational Image (Photo Credits: Pixabay)
Laptop| Representational Image (Photo Credits: Pixabay)

The technology services sector in India is could accelerate growth by 2 per cent to 4 per cent over the next half a decade, as per a report by Nasscom titled ‘Future of Technology Services – Winning in this decade.’ According to the report, the industry could reach $300-350 Billion in its annual revenues. At present, the technology services sector accounts to 27 per cent of the country’s total export. It also supports livelihoods of around 44 Lakh people, as per the report. The industry also contributes to 8 per cent to the overall economy by providing impetuous to more than 50 digital initiatives across various sectors including banking, finance, health among others. 6 Benefits How Technology Can Be Beneficial for Your Business.

Debjani Ghosh, President Nasscom, said in a statement, “The Indian Technology services sector can utilise the potential of deep technologies like cloud, artificial intelligence, machine learning, IoT, etc., through effective transformational practices, thereby contributing to the overall economy in the coming decade.” “The government needs to encourage and support digital literacy and skilling to ensure its talent, energy, imagination, knowledge, and unmatched commitment unites to address the customers’ surging needs,” added Ghosh. 3 Technological Trends that will define the future!

The coming decade will also experience growth in the technology spend, which would be primarily driven by the increase of  digital reinventors, technology natives and a growth in demand for Digital 2.0 accelerated by the industrialisation of cloud, AI and cybersecurity, said the Nasscom. According to the report, the technology services are expected to mount to $300-350 Billion in revenue by 2025, boosted by the cybersecurity ad loT digital spending.

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Strategy

Companies More ‘Reactive’ Than ‘Proactive’ on Cyber-Security Issues, Say Experts

Firms are more 'reactive' to cyber security than 'proactive'| Representational Image (Photo Credits: Pixabay)
Firms are more 'reactive' to cyber security than 'proactive'| Representational Image (Photo Credits: Pixabay)

The operations and functions of various business organisations have undergone drastic changes over past several months owing to the restrictions and limitations imposed due to the spread of COVID-19 pandemic at a global level. More and more businesses moved towards the online and digital sphere as countries worldwide started to put month-long lockdowns. Given massive presence of businesses in online spectrum, cyber security experts are of the view that several companies still need to be more proactive in terms of strengthening their systems against cyber attacks.Small and Medium Businesses Disclosing Data Breach ‘Quickly’ Incur 40% Less Financial Loss: Report

Experts however believe that with the coming in Data Privacy Bill, companies will be directly or indirectly forced to adopt better measures to make sure that their systems are better protected from the external attacks. It may also strength the entire online infrastructure and operational activities. Studies show that ever since General Data Protection Regulation (GDPR) was launched in Europe, more and more steps were undertaken by the companies to ensure data protection and cyber security. 5 Ways To Protect Your Business From Cybercrime.

Talking about the issue of cyber-security, Arpinder Singh, India & Emerging Markets Leader, EY Forensic & Integrity Services said, “I think some organisations have been proactive and some organisations have been reactive. Reactive means they have actually had an incident and then they have run around trying to fix it, I think some companies have been smart, when someone has been hit, they have analysed that loss and then thought of protecting themselves. But that’s a slow process in the pandemic. Everyone has tight budget.”

The companies are currently more reactive to the cyber-security issues rather than being proactive. According to the experts, any firm will not be willing to enhance its cyber-security until and unless an external force breaks into its system. Given the magnitude of e-commerce activities being done, owners should be careful about protecting their data. They also stress on the need of training the employees both in the government and private sectors on data security and protection.

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MSME

Small and Medium Businesses Disclosing Data Breach ‘Quickly’ Incur 40% Less Financial Loss: Report

SMBs which report data breach incur 40% less financial loss| Representation Image (Photo Credits: Pixabay)
SMBs which report data breach incur 40% less financial loss| Representation Image (Photo Credits: Pixabay)

A new report by the cyber-security firm Kaspersky has highlighted the direct relationship between the disclosure about data breach and financial losses suffered by the organisations. The report said that the small and medium businesses (SMBs) who decide to voluntarily inform about a data breach, on average, are likely to lose 40 per cent less financial damage than their peers that saw the incident leaked to the media. For SBMs who disclosed their breach to the public within due time reported an estimated loss of $93,000, while those who did not disclose themselves suffered $155,000 when the incident was leaked in the media.

The failure to suitably inform the public about a data breach in a timely manner can make the financial and reputation consequences of a data breach more severe, concluded the report. The same tendency has also been found to be the case in enterprises. The firms who voluntarily disclosed about the data breach in public incurred a loss of $1.134 Million, while where the information was leaked the firms suffered a loss of $1.583 Million, a 28 per cent more than the former. “Proactive disclosure can help turn things around in a company’s favour – and it goes beyond just the financial impact. If customers know what happened firsthand, they are likely to maintain their trust in the brand,” said Yana Shevchenko, Senior Product Marketing Manager at Kaspersky.

One of the real life examples is of Yahoo! The firm was fined and criticised for not notifying their investors about the data breach it experienced. Uber was also fine for covering up an incident of data breach. The firm surveyed more than 5,200 IT and cyber-security practitioners globally. The survey showed that organisations that take ownership of the situation usually mitigate the damage. Around 46 per cent of businesses disclosed a breach proactively. However 30 per cent of organisations that had experienced a data breach preferred not to disclose it. Almost 24 per cent of firms tried to hide the incident initially, but it was leaked to media eventually.

“Although minimal losses were reported by businesses that managed not to disclose the incident, this approach is far from ideal. Such companies are at risk of losing even more if — or more likely when a cyber-security incident is revealed to the public against their intentions,” said the report. It added that the risks are especially high for those companies that couldn’t immediately detect an attack. Nearly 29 per cent of SMBs that took more than a week to identify that they had been breached found the news in the press, which is double those that detected it almost immediately.